New York, May 29, 2026, 05:01 (EDT)
Profusa Inc was last at $0.3598 in premarket action Friday, with shares staying under the $1 mark that’s watched for Nasdaq compliance. The quote was from premarket trading, which Nasdaq lists as starting at 4:00 a.m. and ending ahead of the regular 9:30 a.m.-4:00 p.m. session.
PFSA is acting more like a financing and listing play than a straight product trade these days. Profusa got a break from the Nasdaq Hearings Panel, which gave the company more time to stay on the exchange. The panel granted an exception with certain milestones, and now Profusa has until July 6 to meet the minimum bid price and stockholders’ equity rules. Stockholders’ equity is the value left for owners after subtracting liabilities from assets.
Nasdaq Capital Market requires at least $1 bid per share. The bid price is what buyers want to pay—not what the company wants or what analysts say.
Profusa brought dilution worries back into focus this week. The company said in a May 26 Form 8-K that it and Bio Insights LLC had changed their $30 million PanOmics asset deal. They dropped a clause that would have given management shares equal to 12% of fully diluted shares after closing and any related financing. The payment is still set to be made in new preferred stock, convertible to common shares. PanOmics is described as a multi-omics platform— a diagnostic that combines genomic and other molecular data for drug discovery and precision medicine.
Another financing move is in play. Profusa on May 18 sent Ascent Partners Fund LLC an advance notice under an equity line of credit, or ELOC. The ELOC lets an investor take new shares over time. The notice covers as much as 9.99% of shares outstanding, with a $300,000 cap per notice. Pricing is set at 97% of the lowest VWAP over a 10-day trading window.
Profusa’s balance sheet raises questions about its future. The company had $0.4 million in cash at March 31, falling from $1.8 million at the end of last year, and $12.5 million in notes, loans and interest coming due within a year. Profusa warned of “substantial doubt” about its ability to keep operating, the standard going-concern notice in filings. SEC
Profusa wants the focus back on Lumee Oxygen and research revenue. CEO Ben Hwang said on May 5, the main goals are moving the Lumee Oxygen platform forward and taking what he called a “disciplined and proactive approach” to scaling, growing the platform, and raising capital. Businessinsider
PFSA hasn’t moved with the major indexes. S&P 500 and Nasdaq both closed at all-time highs Thursday, Nasdaq Composite climbed 0.9%. Profusa shares still trade at the lower end of the medical-tech group, where filings tend to drive the action more than what the indexes do.
Profusa in its filings compares Lumee Oxygen with transcutaneous oximetry products from Perimed and Radiometer. For Lumee Glucose, which is still in development, Profusa names Dexcom as a competitor. That puts Profusa up against device makers with more capital and established customers if it moves into these monitoring markets.
The risks for Profusa are still out there. If it can’t raise its offer, shore up equity, get new capital on terms it can live with, or deliver Lumee revenue, the stock could see more dilution, more restructuring, or delisting threats coming back.
Friday’s session sets up a test for the 36-cent quote—whether it’s a floor or just another number for this shaky microcap. Right now, investors still have to watch the July 6 Nasdaq deadline.
